TN SB3604

Legislative Description

As enacted, specifies that if a party withholding retained funds in regard to a construction contract fails to deposit the funds into an escrow account, the party would be responsible for paying the owner of the retained funds an additional $300 per day for each day that the retained funds are not deposited into an escrow account; specifies failure to deposit retained funds into an escrow account within seven days' receipt of written notice regarding such failure is a Class A misdemeanor. - Amends TCA Title 66, Chapter 34, Part 7.

Contractors

Last Action

Committee Referrals